Hey there, Lets say for example John Smith takes out a home loan of $500,000 for 30 years at 8.6% per annum. What does it mean by "… at 8.6% per annum"? Like does he have to pay 8.6% of the 500K each year or somthin? Cheers, totally clueless about loans That means he’s paying [...]

I am looking to purchase a new home in Florida. However, I learn my score is below 600. Does FHA loans go by FICO score? Is their any loans out there? Hey T, Unfortunately, no. Not even FHA. Lenders have increased minimum credit scores for all loans. Work on improving your score. Good luck. addthis_url [...]

I find it hard to believe that GE has not been able to decrease their interest rates on home loans when they have been very happy to increase them over the past year. How do they get away with it. They are not going to give any of the.. RBA’s recent reduction. Very disappointing GE [...]

Lets see, I have no payment now what will I do with the cash. The banks have no outstanding home loan debt, what will they do with the extra cash? New loans come with much less risk of default, so why not take the chance. People who now own their homes may upgrade or improve, [...]

meaning,…. can two people who are not yet married apply for a home loan and combine income on the application? I heard a friend talking that they did it about a year a go, just doesn’t sound right. But the way the housing market is today and rent keeps climbing, it would be worth it [...]

i have poor credit, but am slowly regaining control of it, anyhow, i am trying to get my family into a home, and want to know if anyone knows any home loan companies that are willing to work with people with poor credit. thx The subprime market has been shut down, the Alt-A market is [...]

Could there be a baloon payment with that type of home loan? There could be a balloon, but not necessarily. That’s just another factor to consider, like a "prepayment penalty". The reason why people take Variable rates is fairly simple. The rate is initially "fixed", often for two years. All other things being equal, that [...]

With people who got their faulted loans refinanced by Fannie May (or however it’s spelled) buy out the poor credit loans and they are looking at getting the buy out will that mean those who have loans faulted by them stay in their homes they didn’t pay for? I mean I have a legit loan [...]

A home loan with less than 20% down requires PMI (Private Mortgage Insurance). Since most "sub-prime" mortgages would require PMI, why are banks losing so much money on these loans? Shouldn’t it be the insurance companies that lose the money? There isn’t any PMI on subprime loans, so the answer is NO. A few years [...]

Technically, I have no employer. I can make $20,000 in a month, and then not make anything next month. Can you still qualify for a home loan with this source of income? Do state laws vary? I’d be interested to move to Texas or Maryland. All these answers suck thus far. Come on Y!A Community! [...]